SSRN-Market Evaluation of Off-Balance Sheet Financing: You Can Run But You Can't Hide by Steve Lim, Steven Mann, Vassil Mihov
Super short version: using operational leases as a means of keeping debt off the balance sheet may fool bond rating agencies, but it does not seem to fool the bond market.
Lim, Mann, and Mihov (all from TCU) find that attempts to hide debt (in the form of operating
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